Being an insurance agent in San Antonio TX, I help people with San Antonio auto insurance and San Antonio motorcycle insurance. Many clients always ask me how they can protect themselves without having to sacrifice coverage. I’ll tell you why it’s important to have the right amount of coverage and how to do it cheaply.
A good friend of mine was involved in a really bad accident that totaled her vehicle and caused over $300,000 worth of injuries. The driver who hit her did not have any coverage. When this happens, your own uninsured motorist coverage usually kicks in and covers you up to the limit you select. Unfortunately, she had a minimum limit of $25,000. This lower limit left her seriously underinsured. The sad thing is that her agent never told her that she was wearing the bare minimum.
So what would you do? Sue the guy who didn’t have insurance? Well, if he didn’t have insurance, do you think he’d have money to give you? Probably not. So you need to make sure you do two things. Have a high enough liability limit to protect you financially from losing your acquired wealth. I recommend that you match his responsibility to his financial wealth and any future income. Then you need to make sure you match your uninsured motorist coverage to your limit of liability.
For example, if you have a 300k bodily injury limit on your liability, match your uninsured motorist bodily injury coverage to this. This will help ensure that you are adequately covered and will minimize or eliminate any gaps in your coverage. If my friend had paid a few dollars more a month, she wouldn’t be in the situation she is in now. She is currently on the hospital payment plan for the next 20 years.
You could be saying “I don’t want to pay more for insurance, I just want to save money!” What I say to that is NO PROBLEM.
The fastest way to save money and get great coverage is to shop with a Independent Agent. A good independent agent can broker through multiple insurance companies and get you a great deal on your insurance coverage. Make sure they also specialize in insurance in your area. Dealing with a local expert can save you a lot of money and get good coverage at the same time.
So, to carry the most important coverage correctly and cheaply, you need:
- Match your liability limit to your financial wealth and future income, to make it easier, remember to speak to a good independent agent who can calculate it for you.
- Match your uninsured motorist coverage to your liability limit
- Talk to an independent agent in your area who specializes in auto or motorcycle insurance